Margin ComparisonDespite trading at a premium EV/S/growth vs. the SaaS median, Asana has lower margins.
Market ChallengesHeadwinds remain across SMB, paid search channel, and tech vertical.
Valuation ConcernsASAN is trading at 21x vs. the median 17x of the group, and the discount is warranted given we estimate ASAN's FCF margins to reach 16%, 9ppts below the group with high SBC expenses.